Word: loaning
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Dates: during 1960-1969
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...Rider script, and talked American International Pictures, creators of the beach and motorcycle placebos, into producing a film starring nobodies and directed by a weirdo. When A.I.P. refused to put up enough money to launch the project, Fonda made the ultimate rich boy's sacrifice: he took a loan on his trust fund...
Died. Bart Lytton, 56, short-term titan of the savings and loan business; of a heart attack; in Los Angeles. A onetime theatrical pressagent, grade-B screenwriter ("I'm a lot prouder of some of the mortgages I've written"), and scriptwriter for radio's Gangbusters, Lytton used Broadway promotional techniques to build his Los Angeles-based Lytton Financial Corp. into a $700 million business. Overextension and the collapse of the California housing boom started his downfall in the mid-'60s, and creditors moved in to depose him in April 1968. "Money," he once said...
...installment buyer is in for a shock this week. If he applies for a car loan, his banker will have to tell him that the true interest rate is about dou ble the 6% or so that the bank may have been advertising. If he uses a de partment store revolving-credit plan, his next bill will inform him that the 1½%-a-month interest charged on his unpaid balance works out to a yearly interest charge...
...July 1. The 59-page regulation tells what stores, banks, finance companies, auto dealers and other cred itors must do to comply with the Truth in Lending Act that Congress passed last year. Among other things, the consumer must be informed in advance of the exact amount of any loan or credit, including insurance premiums, any excess of an installment price over a cash price and the exact length of time he has to pay. He must also be told the precise annual interest charge. In most cases, creditors must also disclose how much total interest the consumer will have...
Warning from Treasury. Economist Norman Strunk, executive vice president of the United States Savings and Loan League, faulted the big banks for expanding their lending during May at an annual rate of 17%. "No wonder they ran out of money and had to raise their rate," he said. "While bank presidents have been publicly wringing their hands," added Strunk, "lending officers have been pouring gas on the inflation bonfire...